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How Bureaux De Change Finance Terrorism – CBN

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How Bureaux De Change Finance Terrorism - CBN

The Central Bank of Nigeria ( CBN) has moved to shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform.

CBN Governor Godwin Emefiele who disclosed this while fielding questions after the Monetary Policy Committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.

He said: “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that bureau de change operators buy dollar at N560 and sell at N570.

On ban of forex sales to bureau de change operators, Emefiele said that the bank would not go back on its previous stance.

READ ALSO: CBN Bans Sale Of Dollars To Bureau De Change Operators

According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

The CBN governor said: “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

 

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Otedola Not Our Majority Shareholder – FBN

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Otedola Not Our Majority Shareholder - FBN

FBN Holdings Plc has faulted media reports that billionaire businessman, Mr Femi Otedola, has acquired a significant shareholding in the company.

The holding company for First Bank of Nigeria Limited, in a statement by its Company Secretary, Seyi Kosoko, filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

It said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

READ ALSO: Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

 

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Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

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Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

The Senate on Thursday criticised the Federal Government for embargoing employment and yearly increase in workers’ salaries.

The Senate Committee on Establishment stated its position during a 2022 budget defence at the National Assembly, Abuja.

The lawmakers’ anger was triggered by yearly increase in the recurrent expenditure component of the budget which was submitted by the Chairman of National Salaries, Income and Wages Commission ( NSIWC), Mr Ekpo Nta before the Senate Committee on Establishment.

The failure of Nta to tell the committee the total amount of salaries and wages the federal government pays its workforce yearly, infuriated many members of the committee who wondered why recurrent expenditure in yearly budget is not decreasing on account of embargo placed on employment, and retirements at the various agencies.

Specifically, Senator Ali Ndume in taking up the NSIWC boss, said he was supposed to know the total wage bill of the Federal Government workers in arresting the dangerous trend of increases in yearly recurrent expenditure component of the budget without new recruitments and even with retirement of workers on a yearly basis.

“Honestly speaking, a time bomb is ticking out there with this policy because of the doors shut out against millions of youths seeking employment without success.

READ ALSO: CBN Plans N500m Grants For Undergraduates

“Making it worrisome is the fact that despite the policy, since 2018 till now, recurrent expenditure components of the yearly budget have been increasing.

“In 2018, it was N3.5trillion, N4trillion in 2019, N4.5trillion in 2020, N5.6trillion 2021 and N6.83trillion in the projected N16.39trillion 2022 budget.

“It is bad for recurrent expenditure to be increasing on yearly basis without an increase in the number of workforce through required recruitments.

“The embargo is turning into a time bomb that can explode at any time as witnessed in some countries in the past.

“Personally, I’m already thinking of where to run to if the avoidable crisis is not averted. I visited Ghana and Niger recently in this regard.”

Other members of the committee like Suleiman Kwari (APC Kaduna North), Nicholas Tofowomo (PDP Ondo Central) and the Chairman of the committee, Ibrahim Shekarau (APC Kano North), aligned themselves with Ndume’s admonition.

Pointedly, the Chairman of the Committee directed the Salaries and Wages Commission Chairman to liaise with the Accountant General of the Federation and other management officials of IPPIS, for required harmonization in arriving at the total amount of salaries /wages the Federal Government pays per annum.

 

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CBN Plans N500m Grants For Undergraduates

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CBN Plans N500m Grants For Undergraduates

To promote entrepreneurship and reduce unemployment, the Central Bank of Nigeria (CBN) will support youths in tertiary institutions with N500 million grants.

The apex bank made the disclosure on Wednesday in a report titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.

It said, “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m.”

The CBN stated that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well as science and technology.

The report said agribusiness would include production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.

READ ALSO: How To Know You Will Achieve Financial Freedom

The apex bank added that the creative industry would include entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.

According to the CBN report, the interest rate will be five per cent per annum and nine per cent effective from March 1, 2022 or as may be prescribed by the regulator.

The bank said beneficiaries must apply on the dedicated online portal and provide all requisite documentation to support the application.

It also noted that priority would be given to innovative entrepreneurial activities with high potential for export, job creation and transformational impact.

 

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